Screwed by Vanguard??

[james357]

I had a inherited IRA CD from my dad at 2% 60 month 218,000. come due. Original amount 257k but irs min. Yearly distribution I had to pull money out.
Vanguard say put it into a cash position.then send it to them and get a 3.3% inherited CD. I put it into a money Market.
Now a few days later I go to UPS to print the forms..now I contacted another Vanguard rep to help fill out the form because I was given a wrong iD number 7 didgets instead of correct 8. He tells me putting CD in a Money market could have tax consequences 218000 cd. Go to Bank and put back....Truist bank says its in money market and cannot go back...they want to to talk to their investment person...investment person on vacation and wants to meet a week from this monday.
So now I ask Vanguard for a manager of Vanguard and he reviews the situation and at 6:40pm wants to contact bank on a 3 way conversation but I tell him bank is closed. The Vanguard rep is located in California working from home. He says he has all the notes and gives me a direct number to call Monday....so Monday more to follow-up.

 

[GFB]

I think they’ll sort it out.

 

[Bushwick100]

I have Vanguard for over 30 years, I believe they will make it right. Good luck

 

[AR-Trvlr]

Why are you not talking to an accountant or tax advisor? I’d want someone good advising me on those issues.

 

[james357]

Why are you not talking to an accountant or tax advisor? I’d want someone good advising me on those issues.

I had the inherited ira with vanguard 2016 and moved it to SunTrust no problem. But called Vanguard and wanted to move back when 60 mo cd came due and the information should have moved back easy.

 

[atljetmech]

Just leave it alone and let the dems control it.
They want to manage your 401K too

 

[james357]

Vanguard rep I talked to today was very good. He explained things clearly. I wish I had talked to him in the beginning. The other reps were confusing.
I am going to Truist and ask them to put my inherited ira back. He said I have 60 days to change back. The Truest rep I dealt with won't be dealt with again.

 

[james357]

Well with Vanguard help I went to Truest and had a rep put me back into my IRA avoiding taxes. The Sister that originally put me in a money market didn't know how or try. The guy at Truiest was a big help.

 

[eightnsand]

Glad you inherited that cash. All I got was gout. These financial services types are hit or miss. I can lose my own money thank you. Whatever the outcome good luck. Spend it before it evaporates.

 

[moosensquirrel]

Bear in mind that banks only act in their own best interest